I have always know it was relatively easy to hack credit cards but this short film on You Tube has highlighted how easy it appears for a modern day pick pocket to rip your card details and use them for internet transactions without the card even leaving your pocket.
http://www.youtube.com/watch?v=vmajlKJlT3U&NR=1
Please share your views and comment here.
Seeing something like this does make me wonder if this has been thought through properly. Is it that easy to get enough information from a contactless bank card to make on-line transactions? Perhaps we should stop working in cards and start designing foil wallets? :-) M.Smith
ReplyDeleteThe US chose to implement contactless credit cards as remote read magnetic stripe cards so you have the double wammy; magnetic stripe data confidentiality (i.e. none) and radio broadcast of this information for all to receive. The secure processing capability of cards is completely circumvented in pursuit of operational speed.
ReplyDeleteWith half the world's credit cards, the US has a pragmatic approach to card fraud - don't investigate below $25 and recover loses through fractionally higher interest rates i.e. keep the customer happy, whatever the cost.
Ram Banerjee